Intraday Market Thoughts

Archived IMT (2010.02.04)

by Ashraf Laidi
Feb 4, 2010 17:00

Global Markets sell-off intensifies, sending USD and JPY soaring cross the board, but YEN gets the best of USD as the pair targets 88.30, 61.8% retracement of the 84.85-93.76 move. One of the main culprits was the Portuguese-German 10 year spreads hitting a fresh 11-month highs of 156 bps on reports that Portuguese PM had threatened to resign if Parliament passed a bill that would increase spending. EURJPY & GBPJPY are down +500 pips. EURUSD hits $1.37 less than 24 hours after we called the $1.32 target yesterday. Although markets are eyeing Fridays US jobs report, todays market moves are stealing the show w/ indices down 2%. Watch out for market whipsaws (retracements) during NY Lunch hour before renewed gains in JPY. GOLD still expected to hit that 1040 target after we called the failure at 1123-35 earlier this week. WE NEED YOUR VOTE (if you havent done so) THANKS !


Latest IMTs